According to the FNB Retirement Insights Survey, the first retirement research of its kind conducted in South Africa, an alarming 89% of participants plan to continue working or work part-time due to a lack of retirement savings.
While 74% of respondents claim they have a plan in place to help them prepare for retirement, many of those, particularly those in lower-income brackets, are not confident that their plan will deliver the results they want due to barriers such as age and current financial constraints, as well as the high cost of living.
This appears to be corroborated by the fact that 39% of respondents who do not currently have a retirement plan in place, will rely on alternative income sources for retirement, such as selling assets, family support, or government social grants.
Listen to Natasha Henchie, principal consultant at NMG Benefits, explain why retirement savings are so important.
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